In Oil Rigs, It’s China to the Rescue

BusinessWeek – Oil and gas drilling machines were among the few things that U.S. companies weren’t getting from China. Now that’s beginning to change, and it could help speed up production.

These days, oil drillers have to schmooze, beg, and pay a fortune to get machinery. Only 1,681 rigs were available for drilling in the U.S. in July, according to Houston oil field services firm Baker Hughes (BHI). Back in 1982 there were 4,436 rigs.

So company executives are scrabbling for the equipment
BusinessWeek